Finance Minister Wale Edun has revealed that only around 5% of Nigerians possess more than N500,000 in their bank accounts. In an interview with Channels TV, Edun highlighted the federal government’s commitment to addressing economic imbalances that have favored a small elite group over the majority of citizens in the past eight years.
Emphasizing the focus on microeconomic reforms, Edun stated that redirecting government revenue into the treasury is a key objective. He pointed out that the economic disparities were evident in the liquidity buildup of the past eight years, with a mere 5% of the population having bank accounts exceeding half a million Naira.
Edun asserted that President Tinubu is actively working to alleviate poverty and the high cost of living by implementing a palliative package ranging from N25,000 to N15 million for households over the next three months.
He explained that this intervention, providing direct payments of N75,000 to 15 million households, aims to address the challenges faced by the populace in the current economic climate.
To ensure the effectiveness and integrity of the intervention programs, Edun noted that measures have been taken to prevent fraud, requiring beneficiaries to have either a National Identification Number (NIN), Bank Verification Number (BVN), or access to a mobile money account for transparent and secure transactions.
